Ethereum Price Leads Morning Retreat as Market Dips Below $400 Billion

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The cryptocurrency markets made an early morning retreat on Wednesday, pressing pause on its extended bull run. The Ethereum price led the retreat with a nine percent decline, and altogether nine of the 10 largest coins and tokens lost value against the dollar, while four posted double-digit declines.

The major price action began Wednesday morning at approximately 2:30 UTC when the cryptocurrency market cap was valued at $434 billion. Over the next two-and-a-half hours, the market shed $30 billion, and — despite a brief recovery — continued to decline throughout the morning. At present, the cryptocurrency market cap is valued at just $393 billion, representing an intraday decline of 9.4 percent.

It’s not immediately clear what caused the bulls to run out of steam, though it may be a simple matter of traders who bought at the bear market’s bottom taking profits following this…